HK Stock Market Move | Gold stocks opened higher across the board. The non-farm payrolls fell short of expectations, reducing rate hike forecasts. Rumors of Japanese intervention resurfaced, causing the dollar to decline.

Gold stocks opened generally higher. As of the time of writing, TONGGUAN GOLD (00340) rose by 3.90% to HKD 3.33; LINGBAO GOLD (03330) increased by 3.80% to HKD 22.40; Shandong Gold Mining (01787) went up by 3.10% to HKD 27.24; Zijin Mining Group (02899) climbed by 1.40% to HKD 36.30; and CHINAGOLDINTL (02099) rose by 1.26% to HKD 258.00. On the news front, the U.S. ADP employment figures for August, released on the evening of September 2, showed an increase of only 38,000 jobs, below the market expectation of 47,000. The weakness in the employment data eased the market's earlier pessimistic expectations about a rate hike from the Federal Reserve in September. At the same time, the Japanese yen strengthened significantly on Wednesday, raising forex traders' vigilance regarding whether Japanese authorities would intervene in the currency market again. As a result, the U.S. dollar and U.S. Treasury yields retreated from recent highs, leading to a long-awaited rebound in gold prices, with spot gold briefly returning above USD 4,400 this morning.